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Oct 11, 2012
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basel two a very very difficult thing to swallow. it is going to cause indigestion throughout the banking community. tracy: these basel rules were created to prevent risk basically. banks have to keep a certain amount of cash in case of an emergency. basel iii asking them to hold 4.5% of common equity, 6% of tier 1 assets, and as you said, that means that's less money that is available to go out into the system. how is that going to hurt the economy that's trying to recover right now? >> well, tracy, an example is i was at the international banking federation conference in johannesburg last week, and when we mentioned the american delegation mentioned the fact that we were facing this huge basel iii drag on our ability to lend, they said well it shouldn't apply to anybody except those who are in the international banking marketplace. so the amount of money that will not be available because of the complexity of these rules, mortgage loans, second mortgage loans, home improvement loans, banks, small banks, community banks from sea to
basel two a very very difficult thing to swallow. it is going to cause indigestion throughout the banking community. tracy: these basel rules were created to prevent risk basically. banks have to keep a certain amount of cash in case of an emergency. basel iii asking them to hold 4.5% of common equity, 6% of tier 1 assets, and as you said, that means that's less money that is available to go out into the system. how is that going to hurt the economy that's trying to recover right now? >>...
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Oct 10, 2012
10/12
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if you look at the basel 2 and the basel 3, that originated out of the european conglomerate eu, and it was rolled out to the rest of the world, including the u.s. and asia. that framework that he was referring to, the governor was referring to is nothing but try and sort out your market risk. try and sort out of your credit risk and simultaneously start looking at the i.t. risk. so we've had that confinement for a while, and dare i say some of the banks have been a little sloppy with regards to adapting it. now given the impetus from the inp, world bank, everybody is going to be compelled into that framework. so yeah, it's here. >> before the financial crisis struck, we actually had come to believe in the notion of a eurozone bank. and then we discovered there's no such thing as a eurozone bank. we discovered there were irish banks, spanish banks, german banks. can we actually create the notion of a eurozone bank that is backed by the entire eurozone as opposed to just one country? >> my answer is absolutely impossible. given the disparity between the eurozone region, given the disp
if you look at the basel 2 and the basel 3, that originated out of the european conglomerate eu, and it was rolled out to the rest of the world, including the u.s. and asia. that framework that he was referring to, the governor was referring to is nothing but try and sort out your market risk. try and sort out of your credit risk and simultaneously start looking at the i.t. risk. so we've had that confinement for a while, and dare i say some of the banks have been a little sloppy with regards...
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on the no two of us will beat them twice and we know from only experience of basel last season. saw nothing that gives us. over the respect for can give to a cause. elsewhere in group a current leaders chattered on us from ukraine busy event tests while defending champions chelsea take on danish side f.c. not just last. in group f. party but a saw from bella roofs host joint leaders by munich valencia and french meet in spain both sides last evening fixture. now it's the t twenty cricket world cup where england's defense of the title is over following a nineteen run defeat to high sri lanka the holders went into the super eight stage much known defeat would see them eliminated from the competition captain stuart broad winning the toss and elected to field goals were unable to contain the hosts higher jayawardene led the way with a thirty eight ball forty two and he was given a support by angela matthews to sell a player the contribution fifty four between them of just thirty five balls one hundred sixty nine for six disproofs twenty overs in reply england failed to begin at the
on the no two of us will beat them twice and we know from only experience of basel last season. saw nothing that gives us. over the respect for can give to a cause. elsewhere in group a current leaders chattered on us from ukraine busy event tests while defending champions chelsea take on danish side f.c. not just last. in group f. party but a saw from bella roofs host joint leaders by munich valencia and french meet in spain both sides last evening fixture. now it's the t twenty cricket world...
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and the no two of us will beat him twice and we knew from only experience of basel last season. so i think that gives us. over the respect for can give to a cause. elsewhere in group a current leader shouts are down yet from ukraine visit you venters anatomy while defending champions chelsea take on danish side have they not just one. in a group party but a soft. joint leaders munich valencia and french side played in spain both sides lost a fixture. that's the t twenty cricket world cup where england's defense of the title is over following a nineteen round defeat to host ryan cup now this went into the super a stage much knowing defeat would see them eliminated from the competition captain stuart broad winning the toss and elected to field but bowlers were unable to contain the hosts mahela jayawardene led the way with a thirty eight ball forty two and he was given able to pool by andre matthews and. he contributed fifty four between them off just thirty five balls one hundred sixty nine for six the school for america twenty overs in reply england fell to dig in deep at the cr
and the no two of us will beat him twice and we knew from only experience of basel last season. so i think that gives us. over the respect for can give to a cause. elsewhere in group a current leader shouts are down yet from ukraine visit you venters anatomy while defending champions chelsea take on danish side have they not just one. in a group party but a soft. joint leaders munich valencia and french side played in spain both sides lost a fixture. that's the t twenty cricket world cup where...
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for me while in minsk basel i was pedro netted a hat trick as world and european champions spain east to a foreigner with the batteries to go join top of group i do terrible put be handed out ahead after twelve minutes. pedro soon netted his first to make it to know. the last word and then added with a two second half minutes to wrap up a comprehensive with spain's second victory. sorry state and out of the group with france with both teams on six points and they will face each other in madrid on cheese day while in the other game finland drew one one with georgia. for me while italy remain unbeaten top group these after their three one win in all media although they will wait to fight for the three points in your run off there and there are spooled for the spot to henrik. he thought again however in the second half italy found another gear to grab the victory was struck by merely the ross a. blow. and in the other games in group b. bulgaria stay second after drawing one one with denmark and the czech republic and the death pool of much gold racked with a three one win over the motor
for me while in minsk basel i was pedro netted a hat trick as world and european champions spain east to a foreigner with the batteries to go join top of group i do terrible put be handed out ahead after twelve minutes. pedro soon netted his first to make it to know. the last word and then added with a two second half minutes to wrap up a comprehensive with spain's second victory. sorry state and out of the group with france with both teams on six points and they will face each other in madrid...
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Oct 16, 2012
10/12
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higher than basel three. they resisted even when we got in basel 3. >> can i respond to that? >> i guess what i would like to say is that, i am not necessarily saying higher capital requirements. i said that is one way might do it. but in some way, extract from them the benefits that they are getting from being considered too big to fail. so, i am agnostic about how do i do it. but it makes no sense to me, it we think they are getting financial benefits out of being too big to fail, to break them up to create all of the destruction we will be creating by doing that. and even when we finish up that process, creating to wonder $50 billion institutions, would we be able to say they are not getting any financial benefits from being the size of $250 billion? i think there would still be considered by the market too big to fail. >> would you accept a tax on leverage? as a way to remove the advantage? >> i would have to look at that. i do not think these banks are the highly leveraged institutions. banks are not usually highly leveraged. >> was back up for a second. we talked about t
higher than basel three. they resisted even when we got in basel 3. >> can i respond to that? >> i guess what i would like to say is that, i am not necessarily saying higher capital requirements. i said that is one way might do it. but in some way, extract from them the benefits that they are getting from being considered too big to fail. so, i am agnostic about how do i do it. but it makes no sense to me, it we think they are getting financial benefits out of being too big to fail,...
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Oct 12, 2012
10/12
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. >> we have the eu talking about pushing back basel iii. with a impact does that have? >> one thing that brought down lee may brothers is regulatory arm stranlg. the u.s. teams to be moving along a lot faster than europe and i just think politicians around the world going forward have to get together because you can't have europe delaying basel iii and the u.s. moving ahead with dodd-frank in such an aggressive way. it doesn't make sense. >> larry, thanks for joining us this morning. >>> asia tell likely to power growth next year. world's second biggest economy not likely to face a hard landing. china has room to push fiscal stimulus to prop its economy. we'll get more clues starting tomorrow when it toasts september trade figures and monday, beijing will also release inflation data on thursday, china third quarter gdp. so what about trade with china and the rest of the world? many wondering whether recent friction can between china and countries like the u.s. and japan will have a real economic impact. no better man to talk about it than the director general of the wor
. >> we have the eu talking about pushing back basel iii. with a impact does that have? >> one thing that brought down lee may brothers is regulatory arm stranlg. the u.s. teams to be moving along a lot faster than europe and i just think politicians around the world going forward have to get together because you can't have europe delaying basel iii and the u.s. moving ahead with dodd-frank in such an aggressive way. it doesn't make sense. >> larry, thanks for joining us this...
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Oct 3, 2012
10/12
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. >> the quality of assets is slightly different under the basel three category so. the result is that some of these banks are still likely to have to go to the market in coming months to raise capital what. do you make of the environment out there, and does this just destroy the investment case still around some of the european banks? >> right. i think a lot of this capital raising will actually -- especially on the basel tree, will come from risk assets rather than purely raising of new capital. i don't think that we expect, you know, a flood of new capital raising here by european banks. i think the capital and balance sheet and deleveraging topics will remain live. but, you know, it's going to be live for the next few years. >> how much clarity do you think we have in the banking system? because we had the results of the spanish order last week that have been presented to parliament today. we've got more eu stress tests coming up next but these tests have never really had the same appeal that the u.s. stress tests do. here it felt -- do you think we've got to the
. >> the quality of assets is slightly different under the basel three category so. the result is that some of these banks are still likely to have to go to the market in coming months to raise capital what. do you make of the environment out there, and does this just destroy the investment case still around some of the european banks? >> right. i think a lot of this capital raising will actually -- especially on the basel tree, will come from risk assets rather than purely raising...
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Oct 11, 2012
10/12
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some of these are laws written in basel. they are written for other people and other purposes. they say we have to have a common ground and make it fair for everyone. i agree with that concept except that it's bad for america. if we're not going to do it, the rest of the world cannot make us. >> what about the poster issue of proprietary trading, the volcker rule, all of that? where did you come out on that? >> after dodd-frank, the blueprint, the white paper, and never went through in their two cents, i would argue that was completely unnecessary. it was not the problem. we supported a lot of dodd- frank. you are either for or against it. there are like 2000 things in dodd-frank. the volcker rule had anything to do with the crisis. it is something that he felt deeply about. keep trading safe for big financial companies? i agree. we need to get rid of too big to fail. i agree with the intent. we do not do any crop trading. we have the widest, deepest, most transparent capital market in the world. that's not throw the baby out with the bathwater. the struggle is trying to find h
some of these are laws written in basel. they are written for other people and other purposes. they say we have to have a common ground and make it fair for everyone. i agree with that concept except that it's bad for america. if we're not going to do it, the rest of the world cannot make us. >> what about the poster issue of proprietary trading, the volcker rule, all of that? where did you come out on that? >> after dodd-frank, the blueprint, the white paper, and never went through...
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Oct 1, 2012
10/12
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canada did not have a housing basel -- bubble. >> did you consider this business of changes in the state, the affordable care act, as this would drop insurance? >> again, i have a daughter who is a doctor. i know more about the health insurance business than i want to know and the finances of it for reasons of we will not go into. i had real problems with the obama thing. i thought it could be have -- it could have been done much simpler. i do not understand the workings of the affordable care act. i do not understand them. i do not think anybody does. i do not know enough about it to have an informed opinion. rather than say something stupid, bibles in nothing. >> it is all the more reason to end this tax break to get their insurance through work. it is pretty certain that fewer people will get their insurance through work. they will have to buy it on their own. there is stuff in the affordable care act to help those who have to buy it on the ground and do not -- on their own and cannot afford it easily. let's make it across the board. >> but the back to the mortgage. i can hear it. we
canada did not have a housing basel -- bubble. >> did you consider this business of changes in the state, the affordable care act, as this would drop insurance? >> again, i have a daughter who is a doctor. i know more about the health insurance business than i want to know and the finances of it for reasons of we will not go into. i had real problems with the obama thing. i thought it could be have -- it could have been done much simpler. i do not understand the workings of the...
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Oct 17, 2012
10/12
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CSPAN2
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international banking regulators and policymakers have dealt with this in the context of basel three and recent reports issued in the u.k., the vickers commission as well as the more recent report. yet all the efforts today probably raise just as many questions as they then said. the issue of should banks be broken up for euphemistically too big to fail, which is not about today to fail is an issue that scott increasing attention reselling and when sandy while back in july and cnbc, he was probably the principal architect of the financial supermarket or budding conglomerate said we should probably do is put up investment banking. has banks be deposited makers, and the commercial loans, banks doing something that's not going to risk taxpayer dollars. that is not to be too pale. another of commentators on both sides of the question have chimed in subsequently. the attention over the last couple of weeks has got increased attention as a result of the release of former fdic chairman sheila bair's book, a speech given by fed governor dan cirillo last week at the university of pennsylvania
international banking regulators and policymakers have dealt with this in the context of basel three and recent reports issued in the u.k., the vickers commission as well as the more recent report. yet all the efforts today probably raise just as many questions as they then said. the issue of should banks be broken up for euphemistically too big to fail, which is not about today to fail is an issue that scott increasing attention reselling and when sandy while back in july and cnbc, he was...
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Oct 11, 2012
10/12
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is he excited about basel? he's not excited when global rules are made for u.s. banks. you know, the united states makes their own rules an what's in their best interest, but nonetheless this seemed to be potentially an afterburner for the second wave. the headline started showing up kind of around 8:00 eastern, but right between 9:00 and 9:15 is when all the very specific headlines came out and it seemed to time out well so we need to pay attention for that. of course especially how it impacts not only our banks but the european banks. jim, back to you. >> all right, rick. great to hear from you. let's check out the latest moves in energy and metals. sharon epperson? >> things are flying literally. that's part of the tension that we're seeing now is in the airspace, not even just on land between turkey and syria after turkish jets actually forced down a syrian passenger plane suspecting there may be weapons on-board. now a lot of traders are focusing on that factor as another et calculation scalatio. they're also concerned about heating oil. that's going to be the focu
is he excited about basel? he's not excited when global rules are made for u.s. banks. you know, the united states makes their own rules an what's in their best interest, but nonetheless this seemed to be potentially an afterburner for the second wave. the headline started showing up kind of around 8:00 eastern, but right between 9:00 and 9:15 is when all the very specific headlines came out and it seemed to time out well so we need to pay attention for that. of course especially how it impacts...
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Oct 30, 2012
10/12
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they are he's talking about the basel iii tier one reaching about 7.3 revenues, but one thing for sure restructuring definitely still on the cards there. but for the rest of 2012, which i thought was interesting, is that they said they're seeing a little bit better environment. metro retail, absolutely flat. on the other hand, even though they did disappoint, the net profit side as well as the still keeping the outlook for 2012. and the fourth quarter numbers are the important ones because that's christmas season. m.a.n. truck maker, you could argue about the numbers. michael brown liked the numbers, even though not looking too healthy, but the market liked them, as well. michael, very well done. good for you. and of course for the shareholders of m.a.n., up 1.2%. but generally speak, you have to see that still volumes as yesterday and actually since the beginning of the year definitely very low still. and remember, the u.s. market in general. let's look at the smi. up 0.4%. here the big news coming through from ubs. restructuring is on the card for a while, but to really kill off an e
they are he's talking about the basel iii tier one reaching about 7.3 revenues, but one thing for sure restructuring definitely still on the cards there. but for the rest of 2012, which i thought was interesting, is that they said they're seeing a little bit better environment. metro retail, absolutely flat. on the other hand, even though they did disappoint, the net profit side as well as the still keeping the outlook for 2012. and the fourth quarter numbers are the important ones because...
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Oct 16, 2012
10/12
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because remember with basel iii that banks are required to have all the derivatives on one balance sheet, so i wondered if that is indicating that there is a higher level of derivatives and the valuation is excessive and perhaps that's an mamarie, e leaving if i did not feel that this company is in very good shape. so he suggested there are no blow ups on the horizon.good sh. so he suggested there are no blow ups on the horizon.this co shape. so he suggested there are no blow ups on the horizon. my analysis, i frankly think this was about compensation. let's face it. you have an individual here having sold his hedge fund to citi for $800 million, taking the ceo role five years ago, and then during the financial crisis agreeing to work for a dollar. getting bashed by the president and populous and he probably just said i'm done. they don't want to pay me company mi like my colleagues. again, that is my analysis. i told you what vikram pandit said in terms of what's behind the departure. so he's sticking to his story that this is his decision, he's been thinking about this for a while and
because remember with basel iii that banks are required to have all the derivatives on one balance sheet, so i wondered if that is indicating that there is a higher level of derivatives and the valuation is excessive and perhaps that's an mamarie, e leaving if i did not feel that this company is in very good shape. so he suggested there are no blow ups on the horizon.good sh. so he suggested there are no blow ups on the horizon.this co shape. so he suggested there are no blow ups on the...
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Oct 15, 2012
10/12
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if earnings stay this good, citi executives said on the call that the bank should reach a 9.5% basel 3 tier 1 capital level by next year. while citi hasn't made as much on the mortgage boom as jpmorgan and wells fargo, pandit observing continued growth in latin america, namely mexico. asia though slowing remains active. >>> to the economy now. u.s. retail sales getting a boost last month thanks to auto sales and higher gas prices. sales overall up 1.1% and that topped estimates. this comes on the back of a new report saying that sales growth in the global luxury market will slow down this year. courtney reagan is on the retail beat. courtney? >> consumer spending is 70% of u.s. gdp and the luxury good segment is projected to continue to grow, albeit at a lower space. it is the third straight double digit increase for luxury goods though the rate of growth has slowed for that time period. accessories are winning increased consumer attention around the world and for the first time leather goods and shoes hold the largest percentage of the luxury market. one of the companies benefiting
if earnings stay this good, citi executives said on the call that the bank should reach a 9.5% basel 3 tier 1 capital level by next year. while citi hasn't made as much on the mortgage boom as jpmorgan and wells fargo, pandit observing continued growth in latin america, namely mexico. asia though slowing remains active. >>> to the economy now. u.s. retail sales getting a boost last month thanks to auto sales and higher gas prices. sales overall up 1.1% and that topped estimates. this...
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685
Oct 29, 2012
10/12
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CNN
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eebe uotaid cacly thondi ons de st woeninby thdis woin t hour so it's- >> turo 's >> dot man tplaynsid basell he, aut t i tdonk a t ofur vwersre gng be mokin tat yay holidng o sefor har l ae an twond ting en a yoofare ving rsek s gelte and e in yhowol oou arr loingan tondg say tateyoe g s te.nd >> wrngto ste ah. >> i'actuly jt beg ve caiousut he, .obousl i' betuuse ju neber knve at caus h moer nure obsldoes t w rebe e ne knayin mo ne es w otecind. 're yingo reayec e ng seekoeay eltein t buiinghat weeee te troaduistingtrom, we so fro me ttim yadinm,knosoro tim y w are protnoted,obvusly se tr to wtayreafeut hes otd,welbvly >> alrigher sandtoy ebe c hefuleut the aele alghnd culhe a ll ce toou f updes. cto fpd. the st hrica toisru ryla wasurrine e iren h ca o lile or a ruar laasrigo en ndli th oa used despadth edfloong a husp pow outes, d th wo jusin aoowe a. huowut , the u. s remewoourtusill at bewe u. s conmeningrtl t tomroecae ofonng om rrice say pecaapsot o surisi. thk yo eveone,or icsa pe stchi. st tun to sunsi as w eth coyoinueve e, pdathiou st thrunghouo asthe wdayco ue the owerl imct o hu
eebe uotaid cacly thondi ons de st woeninby thdis woin t hour so it's- >> turo 's >> dot man tplaynsid basell he, aut t i tdonk a t ofur vwersre gng be mokin tat yay holidng o sefor har l ae an twond ting en a yoofare ving rsek s gelte and e in yhowol oou arr loingan tondg say tateyoe g s te.nd >> wrngto ste ah. >> i'actuly jt beg ve caiousut he, .obousl i' betuuse ju neber knve at caus h moer nure obsldoes t w rebe e ne knayin mo ne es w otecind. 're yingo reayec e ng...
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63
Oct 10, 2012
10/12
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CNBC
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a lot of these laws are written in basel. they're not written for america. they're written for other people for other purposes. regulators say we have to have a common -- do it right and make it fair for everybody. i agree with that concept -- except it was bad for america. because if america doesn't want to do it, the rest of the world can't make us. when you look at some these rules, you say those don't make sense for this country. >> what about the poster -- >> we told you he was colorful and he did not disappoint. jpmorgan's ceo jamie dimon down in washington at the council on foreign relations taking a number of questions addressing a number of topics today, including the economy, china, the fiscal cliff of course on the u.s. he says the united states is fundamentally stronger than people think. says china will meet its objectives of 7% to 8% growth on the fiscal cliff, mr. dimon saying the economy would have been stronger had we adopted simpson-bowles. again jamie dimon down at the council on foreign relations. much more when we come back. >>> the mark
a lot of these laws are written in basel. they're not written for america. they're written for other people for other purposes. regulators say we have to have a common -- do it right and make it fair for everybody. i agree with that concept -- except it was bad for america. because if america doesn't want to do it, the rest of the world can't make us. when you look at some these rules, you say those don't make sense for this country. >> what about the poster -- >> we told you he was...
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123
Oct 27, 2012
10/12
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CSPAN2
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eye 123
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for the banks of the big financial institutions is influenced and you may not be over the speed to basel, but the complications about our financial institutions under the power can get away with because they say that wearing these other jurisdictions and so it has some kind of a leverage and away against the sec. how do you handle that? and what about fair value? and income of the over-the-counter derivatives contracts have not been able to enjoy balance sheet accounts so to speak. and so under a fair value reporting regime, the markets need to be stable. 2008 is an away stake out the quantitative easing. so we're really not regulatory framework of us to get rid of the power of accounting what is the nature of the dramatists contract. >> schapiro answer that. >> when we tackle the first part because it's schapiro answer that. >> when we tackle the first part because it's a very fair question. it's very complicated and it's very challenging to regulate in a world were virtually nothing status or physical borders borders of the united states. and it's so particularly true in financial mark
for the banks of the big financial institutions is influenced and you may not be over the speed to basel, but the complications about our financial institutions under the power can get away with because they say that wearing these other jurisdictions and so it has some kind of a leverage and away against the sec. how do you handle that? and what about fair value? and income of the over-the-counter derivatives contracts have not been able to enjoy balance sheet accounts so to speak. and so under...
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Oct 26, 2012
10/12
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eye 99
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such that given any version of basel iii is and put more pressure on the banking system. so i was very happy from the european drama and i'm holding my breath because i think that is the marker about if this is down or not. so, not to end this gloomy note i'm cautiously optimistic. [laughter] [applause] >> i think anna is going to take us back to title vii and give it a bit of an international perspective on where we are and where the problems might still work to defeat come lurk in that area. >> first off, thank you very much for inviting me to participate. i am very pleased to be here and to have the opportunity to listen to some of the interesting viewpoints. i am one of the lawyers that work with the banks and other international banks. so that is a little disclaimer at the start and i come to this in terms of assessing the challenges that lie ahead as well as dodd-frank implementation and implementation of the regulatory reforms related to the derivative globally. perhaps with a couple of things that she has pointed us to. it's very difficult to ignore the interconne
such that given any version of basel iii is and put more pressure on the banking system. so i was very happy from the european drama and i'm holding my breath because i think that is the marker about if this is down or not. so, not to end this gloomy note i'm cautiously optimistic. [laughter] [applause] >> i think anna is going to take us back to title vii and give it a bit of an international perspective on where we are and where the problems might still work to defeat come lurk in that...
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Oct 11, 2012
10/12
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eye 357
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not just dodd frank, basel iii, more for brussels. a lot of these are contradictory and overlapping. all i want is we sit down and have a conversation about what do we really need for safe and sound isn't all that input is creating the necessary burden? debt burden will be hired the smaller you are in my opinion. i don't want to hurt community banks. they have a great role in life so i think we need to collaborate to get it done. it's not going to gets done properly if we fight with each other. like i said the most important, capital and liquidity. and there are 398 other rules. but you should know we are trying to work with everyone,, day. we have no choice. we have to accommodate and we are going to do it. we are going to do it in the spirit and the letter of the law. that is what we are going to do. regulators get very mad at me when i comment at all. we are going to comment that we will determine what we are required to me. jpmorgan will do fine no matter what. believe me, i'm not worried about jpmorgan. i am worried about the cou
not just dodd frank, basel iii, more for brussels. a lot of these are contradictory and overlapping. all i want is we sit down and have a conversation about what do we really need for safe and sound isn't all that input is creating the necessary burden? debt burden will be hired the smaller you are in my opinion. i don't want to hurt community banks. they have a great role in life so i think we need to collaborate to get it done. it's not going to gets done properly if we fight with each other....
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Oct 12, 2012
10/12
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dimon quoted a cliff created by basel iii that disincentivizes people with a lower score than 680. the other is jpmorgan's own shares. dimon saying the bank will reapply at the beginning of 201 to buy back its shares and should do, quote, substantial repurchasing next year and still hit those bazel three capital targets. finally, on litigation, dimon said he doesn't expect additional reserves to deal bear stearns. he made that quote again, melissa, again about how in future crises, this is setting a bad example for help of big companies like a jpmorgan to actually come in and help here. of course, he's referring to the new york ag suit, and those lingering liabilities there. but wouldn't go any further on that note. >> all right. kayla, thanks for that. let's dig deeper into the banks reporting today. it's wells fargo in addition to bank of america. bringing in thomas alonzo and anthony pell lini of raymond james. it appears to go the bigger surprise with the stock down 3%, going into this earnings report, there were a lot of expectations that wells fargo is the best of the best wh
dimon quoted a cliff created by basel iii that disincentivizes people with a lower score than 680. the other is jpmorgan's own shares. dimon saying the bank will reapply at the beginning of 201 to buy back its shares and should do, quote, substantial repurchasing next year and still hit those bazel three capital targets. finally, on litigation, dimon said he doesn't expect additional reserves to deal bear stearns. he made that quote again, melissa, again about how in future crises, this is...
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Oct 18, 2012
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it is also basel iii. that is very important, even more important, in terms of simple capital requirements they're already getting in line for, adjusted for, and it makes profitability harder to come by. you can't get the same returns when you have to hold a lot more capital against these businesses. but that being said, it doesn't mean they can't get back to 12%, 13% roes. >> morgan stanley, like the other companies in the financials, their book value, their tangible book value is well in excess of where the stock is, which i think is a recognition that people just don't believe that there's a core business that's as good as it used to be. the assets go out the door every morning from the elevator, of course. i think that the catch-up that needs to be made is either tangible book has to be written down to some level the companies are going to say is not true, or the investors have to say, okay, enough, maybe tangible book is a good indicator. . i don't know what's going to happen, but this disparity betwe
it is also basel iii. that is very important, even more important, in terms of simple capital requirements they're already getting in line for, adjusted for, and it makes profitability harder to come by. you can't get the same returns when you have to hold a lot more capital against these businesses. but that being said, it doesn't mean they can't get back to 12%, 13% roes. >> morgan stanley, like the other companies in the financials, their book value, their tangible book value is well...
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Oct 31, 2012
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the the dodd-frank framework, the basel framework, the global regulatory arena is very complicated with a lot of unintended, cross-cutting effects that i think about as, like, bumper cars. the studies that were discussed that my firm put out, um, were discussed a bit in the earlier panel try to take this on by looking at the array of major financial rules, mapping them out for both their key provisions, intended effects and unintended effects. we don't say all of these unintended or even perverse results will happen. we map them out to see how each of the rules fits together if there is a coherent framework. dennis kelleher commented that this paper was supported by the securities industry and financial markets association. it was. i don't need a hobby. [laughter] but it's my work, my firm's work, and i welcome any comments and questions on it. and if there's anything wrong with it, we'll put out a corrected version. it was an attempt to be constructive and look across the framework of rules to see how they all might fit together. then we looked at the operational impediments to acting
the the dodd-frank framework, the basel framework, the global regulatory arena is very complicated with a lot of unintended, cross-cutting effects that i think about as, like, bumper cars. the studies that were discussed that my firm put out, um, were discussed a bit in the earlier panel try to take this on by looking at the array of major financial rules, mapping them out for both their key provisions, intended effects and unintended effects. we don't say all of these unintended or even...
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Oct 14, 2012
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some of these are laws written in basel. they are written for other people and other purposes. they say we have to have a common ground and make it fair for everyone. i agree with that concept except that it's bad for america. if we're not going to do it, the rest of the world cannot make us. >> what about the poster issue of proprietary trading, the volcker rule, all of that? where did you come out on that? >> after dodd-frank, the blueprint, the white paper, and never went through in their two cents, i would argue that was completely unnecessary. it was not the problem. we supported a lot of dodd- frank. you are either for or against it. there are like 2000 things in dodd-frank. the volcker rule had anything to do with the crisis. it is something that he felt deeply about. keep trading safe for big financial companies? i agree. we need to get rid of too big to fail. i agree with the intent. we do not do any crop trading. we have the widest, deepest, most transparent capital market in the world. that's not throw the baby out with the bathwater. the struggle is trying to find h
some of these are laws written in basel. they are written for other people and other purposes. they say we have to have a common ground and make it fair for everyone. i agree with that concept except that it's bad for america. if we're not going to do it, the rest of the world cannot make us. >> what about the poster issue of proprietary trading, the volcker rule, all of that? where did you come out on that? >> after dodd-frank, the blueprint, the white paper, and never went through...
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Oct 2, 2012
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basele is always really popular. and we have a ton of it. and something that is really popular right now, at dc by lingual is swiss chard. >> really? >> isn't that interesting? so then they get to go out there and they take care of the plants and see them grow. then they get to turn them into something. so rebecca tell bus this wonderful pesto -- tell bus this wonderful pesto recipe have you go here. >> we like to use mortar and pestles in class because we don't have to do too much cooking. where did we grab the basil from? >> the guarden. >> parmesan cheese. and pumpkin seeds. and then a little olive oil. to mix it up. >> i thought you used pine nuts in pesto. >> because in a lot of schools, nuts are usually things that we don't bring in too much because of allergies, we started using seeds. and then that also lets us talk about seeds in class and stuff which makes sense for the guarden. >> do you find that the kids, this is a relatively simple recipe, something they can do at home as well. do you find they're pretty receptive. are youwhat
basele is always really popular. and we have a ton of it. and something that is really popular right now, at dc by lingual is swiss chard. >> really? >> isn't that interesting? so then they get to go out there and they take care of the plants and see them grow. then they get to turn them into something. so rebecca tell bus this wonderful pesto -- tell bus this wonderful pesto recipe have you go here. >> we like to use mortar and pestles in class because we don't have to do too...
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Oct 27, 2012
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basel iii capital and -- requirements and burdens were intended for our big banks would effectively put community banks out of business. interestingly enough former city group executive sandy weill interview on squawk box we should split up investment banking have banks be fed deposit takers have banks not risk the taxpayer dollars for those that are not too big to fail. sheila bair recently concluded the law clearly establishes a framework that allows financial firms to fail while preventing a broader economy and ends two big to fail. finally we could be spent all morning with mats quotes but lot of them have better words. i will conclude the system has become too complex for people to make the mistake of thinking it means the end of the discussion when it is just the beginning of a war. the question is on the table. too little? to much? just write? >> it is a great pleasure to be here john and r&d gw law community for giving me the opportunity to be on this panel with these members with a variety of of points of view. good dodd/frank act went too far? while much is still speculation s
basel iii capital and -- requirements and burdens were intended for our big banks would effectively put community banks out of business. interestingly enough former city group executive sandy weill interview on squawk box we should split up investment banking have banks be fed deposit takers have banks not risk the taxpayer dollars for those that are not too big to fail. sheila bair recently concluded the law clearly establishes a framework that allows financial firms to fail while preventing a...
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Oct 30, 2012
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european banks are, obviously, under enormous pressure now especially given that any version of basel iii and other regulatory headwinds coming into europe is going to put more pressure on the banking system. so i'm very happy for this breather from the european drama, and i'm holding my breath until next may because i think that's the marker about if this is permanently bedded down or not. so not to end this on a gloomy note, i'm cautiously optimistic. [laughter] [applause] >> i think anna's going to take us back to title vii and derivatives and perhaps give it a lit of an international perspective on where we are and where the problems might still lurk in that area. >> so first off, thank you very much for inviting me to participate. i'm very pleased to be here. and to have the opportunity to listen to so many interesting viewpoints. i'm one of the horrible, horrible lawyers that work with wall street banks and other international banks, so that's my little disclaimer at the start. and i come to this, though, with a fairly open mind in terms of assessing the challenges that lay ahea
european banks are, obviously, under enormous pressure now especially given that any version of basel iii and other regulatory headwinds coming into europe is going to put more pressure on the banking system. so i'm very happy for this breather from the european drama, and i'm holding my breath until next may because i think that's the marker about if this is permanently bedded down or not. so not to end this on a gloomy note, i'm cautiously optimistic. [laughter] [applause] >> i think...
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Oct 12, 2012
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people realize that the bloom is off the rose and between the two, the twin nightmares of dodd-frank and basel three which are going to reduce leverage, reduce economic growth and then you have just the end of the story in a sense because banks are running out of good customers. if you want to get a guarantee from uncle sam you're talking about a $7.40 fica, 80/20 conventional mortgage. >> i thought dodd frank was great for the big banks, terrible for the small banks. bad for both? >> sheila bair did an interview with american banker. she said we need a dodd-frank, parts of it. if we could have been a night at the opera and ripped it off at page 160 and left the rest of it out, we authority for banks, to force them to do a voluntary chapter 11. nobody wants to do dodd-frank, that's the point of it but the rest of dodd-frank is a nightmare and it will hurt housing and growth. >> andrew, we haven't gotten the chance, andrew is there standing by? andrew, we haven't gotten the chance to talk to you about any of these financials today with the earnings to get your thoughts on them and i don't know
people realize that the bloom is off the rose and between the two, the twin nightmares of dodd-frank and basel three which are going to reduce leverage, reduce economic growth and then you have just the end of the story in a sense because banks are running out of good customers. if you want to get a guarantee from uncle sam you're talking about a $7.40 fica, 80/20 conventional mortgage. >> i thought dodd frank was great for the big banks, terrible for the small banks. bad for both?...
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Oct 9, 2012
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the other thing is i think dodd flank and basel iii have improved things. even on the street, some critics would say it's a bit better. >> so just give us one surprise. >> how jpmorgan came out. despite the headline issues comes out as one of the better risk managers in the eyes of analysts that we talked to. granted their view is impression miss ti miss tick. but their perception is it's a tight ship. >> we have to go to the chairs. >> you don't want to rail against regulation? >> chairs instead of dodd-frank? >> we're going there next and i had to have something to talk about. >> why is mitt romney not making more hay with the problems of dodd-frank on the stump? >> i think in the debate -- did you see the debate? >> yeah, but it hasn't been as huge of a talk point as i would have expected. >> maybe they're watching. >> to see if it works? >> no see that kate kelly thinks that there -- there is no doubt that small banks are a part of the problem here. and small business is not being able to get loans right now. >> someone put to me yesterday, they're gett
the other thing is i think dodd flank and basel iii have improved things. even on the street, some critics would say it's a bit better. >> so just give us one surprise. >> how jpmorgan came out. despite the headline issues comes out as one of the better risk managers in the eyes of analysts that we talked to. granted their view is impression miss ti miss tick. but their perception is it's a tight ship. >> we have to go to the chairs. >> you don't want to rail against...
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Oct 24, 2012
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if anything basel three might bring those back. lot of the regulatory and capital noise is done. today most financials have a lot of capital. their problem is earnings. in regional banks, a bit like with dividend stocks if you had to own a financial, if you're that one person on earth who did you bought regional banks because they're safe. now they're full valuations and their problem is that earnings are going down because their interest margins are getting depressed. low rates work both ways, they bring down profits, regional banks and some insurance companies. if risk appetite goes up it brings up profits for companies with more capital markets businesses, the credit suisses of the world. if you can find the european banks that fit in the category or banks that fit in the flows, their earnings go up and it makes sense to buy those but if it's about interest margin you're going to get hurt going forward. >> you mentioned the safety of regional banks. people bought them for the safety much like the high dividend stocks. you don't see the regional banks as having safe dividend st
if anything basel three might bring those back. lot of the regulatory and capital noise is done. today most financials have a lot of capital. their problem is earnings. in regional banks, a bit like with dividend stocks if you had to own a financial, if you're that one person on earth who did you bought regional banks because they're safe. now they're full valuations and their problem is that earnings are going down because their interest margins are getting depressed. low rates work both ways,...
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Oct 12, 2012
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the the the constructs of the liquidity coverage ratio at the net stable funding ratio that a part of basel iii. however, a complement to way to deal with the maturity treasure mission problem is to influence the underlying incentives for short-term debt issues. these incentives are in turn shaped by the structure of rates and the structure of term premiums in the market. as i noted earlier, a natural response for any firm facing an unusually low term premium is a financing response. that is to say, it makes sense to alter your capital structure by issuing cheaper, long-term debt to replace your short-term debt. therefore, not surprising that people look at the data, the average debt maturity of large nonfinancial firms has increased notably in the last few years. it's a natural response to the reagan farmer. moreover, the same pattern shows up among large financial firms. they have been significantly lengthening their average debt maturity. now commission renew the current cheapness of long-term debt contrasts with crisis configuration where there was frequently a pronounced advantage favo
the the the constructs of the liquidity coverage ratio at the net stable funding ratio that a part of basel iii. however, a complement to way to deal with the maturity treasure mission problem is to influence the underlying incentives for short-term debt issues. these incentives are in turn shaped by the structure of rates and the structure of term premiums in the market. as i noted earlier, a natural response for any firm facing an unusually low term premium is a financing response. that is to...